Market Update:
Manufacturing in New York region dropped 8.7% in June, more than the market-estimated 2% monthly drop. The US Dollar fell against the Euro and Yen. Oil touched a new record of $139.89 a barrel today as investors moved into commodity investments to protect against Dollar depreciation. The national average price for a gallon of regular unleaded gas rose to another record high of $4.077. More than half of the states in the country are paying over $4 a gallon for gas. The Stock market traded lower, dragged by the soaring oil prices and concerns over the weakening dollar. The Bond market is relatively flat after Friday's late sell off. The current rate sheet pricing is about 0.25 worse compared to that of Friday.
FHA News:
Assistant Secretary for HUD, Brian Montgomery has executed a Waiver of Requirements of 24 CFR 203.39a(b)(2) to support mortgage companies and financial institution's ability to sell foreclosed properties.
Under the new waiver, mortgage companies and financial institutions will no longer be required to keep properties vacant for 90 days before reselling. Prior to the waiver, the existing HUD policy only allowed state/ federal chartered banks and savings and loans the ability to sell properties without waiting the required 90 days. The temporary waiver, which was signed on June 10th will expire in 1 year.
For more Mortgage News visit www.piffinancial.com/mortgagenews.php.
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